Hello @karipeshibani
Welcome to Microsoft Q&A Platform,
If your application can take more than 30 seconds to respond then you have to increase this value. If not there's no need to change it.
I don't see security risks in configuring to 30 minutes, as long your application needs it.
https://blogs.perficient.com/2016/12/23/azure-application-gateway-10-lessons-learned/
I hope this helps!
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